"If Bitcoin Stays Below the 365-Day Average, the $72,000 Danger"

Recently, Bitcoin's (BTC) price movements continue to attract investors' attention. Bitcoin, which has fallen below the 365-day moving average, is facing a similar situation as at the start of the 2022 bear market. If the price cannot quickly regain this important level, the next stop could be $72,000.

Bitcoin has dropped below the critically considered 365-day moving average level of $102,000, crossing an important threshold. According to data from a CryptoQuant analyst, surpassing this level had also confirmed the start of the bear market in 2022. The current scenario indicates that a similar downward trend may form.

The CryptoQuant analyst notes that if Bitcoin's price cannot rise above this average quickly, selling pressure could intensify. On the other hand, Bitcoin's drop below $100,000 on a weekly basis shows its weakest appearance in recent months. CryptoQuant's Bull Score Index has also dropped to zero for the first time since June 2022. This situation reveals that the market momentum has weakened due to the weakness of fundamental indicators and the selling actions of long-term investors.

According to CryptoQuant's Trader Realized Price Bands data, if Bitcoin cannot maintain its current level, a strong support level is expected to form around $72,000. This band is generally considered an area where traders make sales at a loss during periods of price bottoming. Additionally, the Metcalfe support band calculated based on network valuation is at the level of $91,000. The CryptoQuant analyst emphasizes that if Bitcoin drops below this band, it could enter a broader correction process.

For now, all eyes are on whether Bitcoin can regain $102,000 again. Otherwise, the market could open the door to a new downward trend like in 2022. It is crucial for investors to closely monitor these critical price levels.